Hsbc Holdings PLC Grows Holdings in Maplebear Inc. $CART

Key Points

• HSBC significantly increased its Maplebear (Instacart) position by 518.8% in the second quarter, holding 120,260 shares worth approximately $5.75 million. Institutional investors collectively own 63.09% of the company.
• Maplebear’s latest quarterly results showed 14.1% year-over-year revenue growth to $1.04 billion, though adjusted earnings of $0.45 per share fell short of the $0.54 consensus estimate.
• Analyst sentiment remains positive, with 15 Buy ratings and nine Holds producing a “Moderate Buy” consensus and an average price target of $56.14, above the reported share price of $46.64.

Hsbc Holdings PLC raised its holdings in shares of Maplebear Inc. (NASDAQ:CART - Free Report) by 518.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,260 shares of the company's stock after purchasing an additional 100,827 shares during the quarter. Hsbc Holdings PLC owned 0.05% of Maplebear worth $5,751,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. PenderFund Capital Management Ltd. bought a new position in shares of Maplebear in the fourth quarter worth about $27,000. Pinnacle Bancorp Inc. purchased a new stake in Maplebear in the 1st quarter valued at about $25,000. Allworth Financial LP grew its stake in Maplebear by 35.7% in the 3rd quarter. Allworth Financial LP now owns 928 shares of the company's stock worth $34,000 after acquiring an additional 244 shares in the last quarter. IFP Advisors Inc grew its stake in Maplebear by 761.3% in the 4th quarter. IFP Advisors Inc now owns 956 shares of the company's stock worth $43,000 after acquiring an additional 845 shares in the last quarter. Finally, Sunbelt Securities Inc. increased its position in shares of Maplebear by 212.7% during the third quarter. Sunbelt Securities Inc. now owns 1,157 shares of the company's stock worth $43,000 after acquiring an additional 787 shares during the period. 63.09% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Maplebear

In related news, insider Morgan Fong sold 18,390 shares of the stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $49.96, for a total transaction of $918,764.40. Following the completion of the sale, the insider owned 529,911 shares of the company's stock, valued at $26,474,353.56. This represents a 3.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Ravi Gupta sold 150,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $50.61, for a total transaction of $7,591,500.00. Following the completion of the sale, the director owned 591,523 shares of the company's stock, valued at approximately $29,936,979.03. This trade represents a 20.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 24.00% of the company's stock.

Maplebear Price Performance

Shares of CART stock opened at $46.64 on Thursday. The stock's 50-day moving average is $47.95 and its 200 day moving average is $43.08. Maplebear Inc. has a 1-year low of $32.73 and a 1-year high of $52.68. The company has a market cap of $10.80 billion, a P/E ratio of 25.49, a PEG ratio of 0.94 and a beta of 0.80.

Maplebear (NASDAQ:CART - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). Maplebear had a net margin of 11.97% and a return on equity of 20.19%. The firm had revenue of $1.04 billion for the quarter, compared to analysts' expectations of $1.03 billion. During the same period in the previous year, the company posted $0.41 earnings per share. The business's quarterly revenue was up 14.1% compared to the same quarter last year. On average, analysts anticipate that Maplebear Inc. will post 2.33 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CART. Oppenheimer boosted their price target on Maplebear from $60.00 to $65.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Cantor Fitzgerald lifted their target price on Maplebear from $56.00 to $63.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Argus upped their target price on Maplebear from $50.00 to $58.00 and gave the stock a "buy" rating in a report on Wednesday, September 2nd. Guggenheim increased their price target on Maplebear from $44.00 to $46.00 and gave the stock a "neutral" rating in a research report on Friday, August 7th. Finally, Rosenblatt Securities assumed coverage on Maplebear in a research note on Tuesday, September 1st. They set a "neutral" rating and a $55.00 price target on the stock. Fifteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $56.14.

Maplebear Profile

Maplebear, Inc, doing business as Instacart, operates a leading online grocery and essentials marketplace that connects consumers, retail partners and personal shoppers through its digital platform. The company enables customers to order groceries, household items and specialty products for same-day or scheduled delivery, as well as in-store pickup. By integrating its technology with retailers' existing inventory and point-of-sale systems, Maplebear streamlines the shopping experience and provides real-time availability and pricing.

Founded in 2012 and headquartered in San Francisco, Maplebear has grown from a regional startup to a publicly traded company listed on NASDAQ under the ticker CART.

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